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North Dakota Water District Issues $180 Million in Bonds

By Munichain News Desk

The water district serving the most populous county in North Carolina sold $180 million in bonds to refund previously issued securities.

The bonds mature on April 1, 2027, and pay interest at 3.45%. They were issued by the Cass County Joint Water Resource District. The securities received a rating of Aa3 from Moody’s Investors Service, which assigned a stable outlook.

 “The outlook is stable because the county’s leverage has peaked and it will maintain a strong financial position supported by a growing property tax base,” Moody’s analysts wrote.

The district will use the issuance proceeds to refund bonds it sold in 2021.

The issuance comes as Cass County, which includes the city of Fargo, invests in a $3.2 billion flood protection project. The county is building a massive embankment that it expects to reduce flood risk for more than 250,000 people. The project is expected to be completed in 2027.

Fargo experiences most of its flooding after severe winters. When snow melts in the spring, Fargo can be met with a deluge of water. In dryer winters, like the one that officially ended with the spring solstice yesterday, flooding is less of a risk.

Cass County is the most populous in North Dakota. The bonds are special obligations of the district, backed by the county’s taxing authority.

Colliers Securities LLC served as underwriter on the issuance.

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